MasTec, Inc. (NYSE:MTZ) Raised to Buy at Zacks Investment Research

MasTec, Inc. (NYSE:MTZ) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday, August 8th. The firm currently has a $50.00 target price on the construction company’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 26.10% from the company’s previous close.

According to Zacks, “MasTec reported record revenues and earnings in the second quarter with both outpacing the Zacks Consensus Estimate as well.  The better-than-expected performance can be attributed to record levels of Oil & Gas project activity. MasTec raised 2017 guidance and estimates annual revenue of approximately $6 billion and adjusted earnings per share at $2.73. The company’s recent geographic expansion of heavy civil operations, as well as entry into the water, sewer and drainage systems infrastructure market operations will provide opportunity to capitalize on the increasing demand trends in this market. In its wireline and wireless communication markets, significant expansion related to both 5G and fiber deployment will benefit its communications business. MasTec outperformed the industry in the past one year.”

A number of other research analysts have also weighed in on MTZ. FBR & Co increased their price objective on MasTec from $57.00 to $66.00 and gave the company an “outperform” rating in a report on Monday, August 7th. DA Davidson increased their price objective on MasTec from $50.00 to $55.00 and gave the company a “buy” rating in a report on Monday, May 8th. ValuEngine raised MasTec from a “buy” rating to a “strong-buy” rating in a report on Friday, August 4th. Vetr raised MasTec from a “buy” rating to a “strong-buy” rating and set a $45.42 target price on the stock in a report on Thursday, May 25th. Finally, Canaccord Genuity reaffirmed a “buy” rating and set a $52.00 target price on shares of MasTec in a report on Friday, May 5th. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. MasTec presently has an average rating of “Buy” and an average target price of $49.15.

MasTec (NYSE:MTZ) traded up 1.15% during midday trading on Tuesday, hitting $39.65. The company’s stock had a trading volume of 1,267,929 shares. MasTec has a one year low of $26.75 and a one year high of $49.50. The company has a market cap of $3.21 billion, a price-to-earnings ratio of 13.98 and a beta of 1.44. The company’s 50-day moving average is $44.37 and its 200 day moving average is $42.15.

MasTec (NYSE:MTZ) last announced its quarterly earnings data on Thursday, August 3rd. The construction company reported $0.99 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.34. The business had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.50 billion. MasTec had a return on equity of 21.80% and a net margin of 3.89%. The company’s revenue was up 53.4% on a year-over-year basis. During the same period in the prior year, the company earned $0.36 earnings per share. On average, analysts predict that MasTec will post $2.74 EPS for the current year.

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In other news, Director Jose S. Sorzano sold 2,391 shares of the firm’s stock in a transaction that occurred on Friday, June 9th. The stock was sold at an average price of $45.56, for a total value of $108,933.96. Following the transaction, the director now owns 37,545 shares in the company, valued at $1,710,550.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director C Robert Campbell sold 12,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 28th. The shares were sold at an average price of $45.00, for a total value of $540,000.00. Following the completion of the transaction, the director now owns 67,082 shares in the company, valued at approximately $3,018,690. The disclosure for this sale can be found here. Company insiders own 20.30% of the company’s stock.

A number of institutional investors have recently made changes to their positions in MTZ. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of MasTec by 11.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 2,212 shares of the construction company’s stock worth $100,000 after buying an additional 229 shares during the last quarter. IFP Advisors Inc increased its position in shares of MasTec by 218.6% in the first quarter. IFP Advisors Inc now owns 2,514 shares of the construction company’s stock worth $101,000 after buying an additional 1,725 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of MasTec during the second quarter worth approximately $102,000. Envestnet Asset Management Inc. increased its position in shares of MasTec by 7.9% in the first quarter. Envestnet Asset Management Inc. now owns 2,681 shares of the construction company’s stock worth $107,000 after buying an additional 197 shares during the last quarter. Finally, Global X Management Co. LLC increased its position in shares of MasTec by 220.7% in the second quarter. Global X Management Co. LLC now owns 2,614 shares of the construction company’s stock worth $118,000 after buying an additional 1,799 shares during the last quarter. Hedge funds and other institutional investors own 71.35% of the company’s stock.

About MasTec

MasTec, Inc is an infrastructure construction company. The Company operates primarily across North America through a range of industries. The Company operates through five segments: Communications, Oil and Gas, Electrical Transmission, Power Generation and Industrial, and Other. Its primary activities include the engineering, building, installation, maintenance and upgrade of communications, energy and utility infrastructure, such as wireless, wireline/fiber, satellite communications and customer fulfillment activities; petroleum and natural gas pipeline infrastructure; electrical utility transmission and distribution; conventional and renewable power generation, and industrial infrastructure.

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